E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – January 9, 2019 Forecast

Based on the early price action, the direction of the March E-mini NASDAQ-100 Index is likely to be determined by trader reaction to a downtrending Gann angle at 6609.00.  
James Hyerczyk
E-mini NASDAQ-100 Index
E-mini NASDAQ-100 Index

March E-mini NASDAQ-100 Index futures are trading higher shortly after the opening. The rally is being fueled by aggressive bets on the major technology stocks on the hope the United States and China will reach an agreement to end the trade dispute. Later today, traders will get the opportunity to react to a few Fed speakers and the minutes from the Fed’s December monetary policy meeting. Stocks could extend the rally if the Fed speakers or minutes are dovish.

At 1453 GMT, March E-mini NASDAQ-100 Index futures are trading 6598.00, up 40.75 or +0.64%.

Daily March E-mini NASDAQ-100 Index

Daily Technical Analysis

The main trend is up according to the daily swing chart. The current chart pattern projects a target of 6725.25 this week.

The nearest main top target is the main top at 6897.00. A trade through 6136.50 will change the main trend to down.

The main range is 6897.00 to 5820.50. Its retracement zone is 6358.75 to 6485.75. This zone is new support. Trading above this zone is also helping to generate upside momentum.

Daily Technical Forecast

Based on the early price action, the direction of the March E-mini NASDAQ-100 Index is likely to be determined by trader reaction to a downtrending Gann angle at 6609.00.

Bullish Scenario

A sustained move over 6609.00 will indicate the presence of buyers. The daily chart is wide open to the upside with the first downtrending target angle coming in at 6753.00. This is followed by the swing chart target at 6725.25 and another downtrending Gann angle at 6825.00.

Bearish Scenario

A failure to take out 6609.00 will be the first sign of weakness. This could drive the index into the main Fibonacci level at 6485.75. We could see a technical bounce on the first test of this level. If it fails then look for the selling to extend into the uptrending Gann angle at 6396.50. If this fails then look for the selling to extend into the 50% level at 6358.75.

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